Energy Market Updates

Bears were out in full force today (actually saw them hit after the close on Monday) as all eyes were watching election results in Italy. No clear cut winner has been announced thus casting doubt and uncertainty on recently passed austerity measures. The effect saw the US Dollar rise against the World basket forcing Commodities to fall harder than Tom Brady's Agents Commission check. Adding to the sell off was increasingly better news from the housing market with December values showing a .2% increase and 6.8% increase year on year. All this and as I walked into a lunch saw Fed Chief Bernanke on a big screen TV saying the economy is far better off than in recent years and that the FED is currently looking at ways to end its quantitative easing policies. Today had a flurry of news to push pricing down, but I still hang my hat on the saying "high prices is the cure for high prices" as we exit the heating season in the Northeast and some retail stations above $4.00 a gallon, some would say the US economy would struggle to support these energy costs. At the close, Crude lost .48 to $92.63, HEAT fell .0672 to $3.0317 and RBOB tumbled .0795 to $2.9816.

The gold price rally was assisted by market fears in the run up to the Italian elections.

The information contained in this report has been taken from trade and statistical services and sources believed to be reliable. Dennis K. Burke, Inc. makes no representations or warranties with respect to the content of such news, including, without limitation, its accuracy and completeness. This bulletin is provided for informational purposes only, and is not intended as a recommendation to buy or sell commodities.